Enforcement Data
State Enforcement Statistics
Trends in state securities enforcement actions, violation categories, and penalties assessed.
Annual Enforcement Actions
State securities enforcement actions and monetary relief from NASAA annual enforcement reports.
2,7552019
2,2022020
1,6612021
1,1862023
1,1832024
2024 Enforcement Actions by Entity Type
Breakdown of enforcement actions by entity type from the NASAA 2025 Enforcement Report.
Unregistered Individuals22%
Unregistered Firms17%
Investment Advisers8%
Broker-Dealers7%
IA Representatives7%
Agents4%
Penalties Assessed ($ Millions)
Total monetary penalties assessed by state regulators annually.
| Year | Actions | Penalties ($M) | YoY Change |
|---|---|---|---|
| 2019 | 2,755 | $714M | — |
| 2020 | 2,202 | $348M | -51.3% |
| 2021 | 1,661 | $457M | +31.3% |
| 2023 | 1,186 | $333M | -27.1% |
| 2024 | 1,183 | $259M | -22.2% |
Source: NASAA Annual Enforcement Reports (2020–2025). Penalties include restitution and fines. 2022 data omitted — action count not available from public summaries. Last updated March 2026.
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